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THE LATEST ARTICLES
William D. Cohan
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December 7, 2025
Netflix’s $83B Math & The Ellison Hostile Meter
A talmudic reading of the mishegas following the $83 billion Netflix-WBD deal: Zaz’s personal economics; the likelihood that this turns hostile; the unusual consortium of banks underwriting the deal; the value of the Gunnar stub; regulatory open questions; the $5.8 billion breakup fee; and more.
William D. Cohan
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December 3, 2025
The Epstein Monologues
The recently released, one-sided correspondence between Jeffrey Epstein and Leon Black illustrates a discourse between a hustler and a billionaire with too much money and too little time on his hands. So why couldn’t Black get rid of him sooner?
William D. Cohan
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November 26, 2025
Wall Street Enters the “Cockroach” Wars
The multitrillion-dollar growth of private credit is fueling an acrimonious debate on Wall Street over whether this surging shadow market is the future of finance or the seed corn of the next crisis. Is Rowan right? Or Dimon? Or Gundlach? As Mike Mayo put it, someone is wrong.
William D. Cohan
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November 23, 2025
Zaz the World Turns
News, notes, and palace intrigues from all sides of what might become the largest M&A deal of the year: the three-way tussle for David Zaslav’s Warner Bros. Discovery.
William D. Cohan
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November 19, 2025
The Spirit of ’29
Financial history doesn’t repeat itself, but it does often rhyme. Amid a speculative frenzy, deregulation, trade wars, and a handful of megacaps propping up the markets, some of Wall Street’s brightest minds wonder whether 2026 might resemble 1929.
William D. Cohan
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November 16, 2025
Street Credit
A recent string of bankruptcies and defaults suggests some challenges in the seemingly indomitable private credit market. And yet, according to some O.G.s, things have never been better. Apollo’s Marc Rowan lays bare the risks and rewards.
William D. Cohan
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November 12, 2025
Ellisonology 101
In his first earnings call as C.E.O. of Paramount Skydance, David Ellison offered a masterclass in corporate optimism, promising “synergies” and artfully dodging questions about a possible Warner Bros. Discovery takeover. Alas, the time to act is here.
William D. Cohan
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November 5, 2025
What Does Bloomberg Want for Bloomberg L.P.?
A modest proposal for how New York’s $100 billion man could bequeath his namesake, and its monumental profits in perpetuity.
William D. Cohan
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November 2, 2025
The Mag Seven Itch
The market is notching record highs for the so-called Magnificent Seven—or should that be Mag 10?—but a subterranean counternarrative is forming as once-secure food and consumer staples crater, and cracks emerge in the $3 trillion private-credit boom.
William D. Cohan
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October 29, 2025
The Brian Roberts–WBD Bull Case
A new analyst note highlights a heightened sense around Wall Street that Comcast co-C.E.O. Brian Roberts doesn’t merely want WBD, but also truly needs the company—and has a real shot at the asset.
